Japan's Six-Month T-Bills
Have a Negative Yield

In a startling sign of the poor state of the Japanese banking system, the yield on Japan's six-month Treasury bills fell into negative territory for the first time ever.

The situation is a rare one in the global bond markets. Although interest rates in Japan have been razor thin for several years, the move to a negative interest rate marked a new low for the Japanese financial system. A similar negative yield for U.S. government...